Fantasy owners who took the risk of drafting Gordon without knowing the outcome of his appeal now end up with nothing to show for their pick.

In the past few days, Gordon’s ADP had risen to a 10th round pick with the delay fueling speculation that he’d be able to play at some point during the 2014 season, but the ruling squashes those hopes.

The Browns will hope to have him back in time for offseason activities and training camp next season.

At age 23, Gordon is still a valuable asset in dynasty leagues, but his value for this season is just about down to zero.

The only outside possibility he could still play is if he files suit against the NFL and seeks an injunction that will allow him to play while the case is pending. (See below.) Counting on that to happen, however, is an even bigger gamble than drafting Gordon originally.

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The biggest wild card in fantasy football drafts this season is unquestionably Cleveland Browns wide receiver Josh Gordon.

The potential upside is huge. Last season, Gordon was the No. 1 fantasy receiver, with 87 receptions, 1,646 yards and nine touchdowns — despite being suspended for the first two games.

But this offseason, he tested positive for marijuana and, as a repeat offender, was hit with a season-long suspension.

It’s hard to remember a bigger risk-reward pick in fantasy drafts. Many fantasy owners are taking the lack of any decision as good news for Gordon’s prospects of being on the field at some point this season.

As a result, Gordon’s average draft position (according to FantasyFootballCalculator.com) has gone from 156 on Aug. 4 to 101 as of today. That’s the equivalent of being the last pick in the 13th round to an early ninth-rounder in the space of three weeks. He’s currently the No. 41 wide receiver off the board — a WR4 in standard 12-team leagues.

Gordon hasn’t distinguished himself on the field this preseason, turning in a lackluster effort plagued by multiple drops against the Washington Redskins and not playing last week against the St. Louis Rams.

Head coach Mike Pettine said part of the reason he held Gordon out of the Rams game was because the Browns organization is fairly certain it’s “not going to have him for at minimum some part of the year.”

As long as there’s a reasonable chance Gordon sees the field at some point during the 2014 season, he’s worth being on your cheat sheet. Owners with solid receiving corps who can take a flier on Gordon and still field a competitive roster should start to consider him before Round 8.

Even a suspension for eight games (which many observers now seem to think could be on the high side — no pun intended) would still give Gordon enough time to be a solid contributor to a fantasy team’s playoff push. Then once the playoffs begin, he figures to be comfortable enough in the offense to be a major factor, regardless of whether Brian Hoyer or Johnny Manziel is playing quarterback.

There’s also the possibility — raised by ProFootballTalk’s Mike Florio — that Gordon could file a lawsuit against the NFL and seek an injunction that would allow him to play immediately.

What this means in daily fantasy

It still seems unlikely Gordon will be active in Week 1, but there’s no discount for him in FantasyScore if he does. At a salary of $6,700, Gordon is tied with Larry Fitzgerald as the 10th most expensive wide receiver.

Likely starters Andrew Hawkins ($4,300) and Miles Austin ($4,200) may have been decent values if the Browns weren’t traveling to Pittsburgh to face the Steelers. Tight end Jordan Cameron is even more expensive at $5,700.